Q1- Is living in BC mandatory while I wait for nomination?
Ans1- Yes. In order to be eligible to be considered for BC PNP nomination, you need to prove that you’ve lived within 50km from the company you run in BC. Additionally, you need to be able to prove that you have actively participated in day-today administration of your business and that you were actually present in BC. While being on work permit you should be available in BC for at-least 75% of the total times span.
Q2- what is considered as my net worth?
Ans2- Net worth includes all your financial assets, properties, company minus any liabilities or obligations or debts. It includes your spouse assets as well as your dependent children. For this program, you must have at least a net worth of CAD 600,000. You can provide following documents to evaluate your net worth:
- funds and assets that are stored in bank accounts (e.g. savings and personal accounts)
- Fixed (term) savings (redeemable/cashable in 12 month time)
- Property ownership (e.g. real estate, personal or commercial property ownership)
- Investments in stocks, bonds and mutual funds.
- investment that are part of one or several business (current worth of share ownership in the business(es) not including shares in investment portfolios which are included in the these liquid assets above)
- Other assets include jewelry, collectables, and so on.
Q3- Do I need to provide the supporting documents for my wealth for net worth evaluation?
Ans3- Yes. Your net worth should be legally verified .You need to obtain the verification of net worth from a BC PNP-approved accounting firm. Failure to submit a satisfactory proof to verify your net worth and the source of your funds could result in the denial to your application.
Q4- After the final submission of my application on BC PNP, can I change my business model?
Ans4- No, you cannot change or modify your business concept after your registration on the BC PNP portal. You must keep your intend clear and defined before you file for your application.
Q5- Do I need to invest in an enterprise before I can submit my application to BC PNP Entrepreneur?
Ans5- No. If you plan to buy an established business it is necessary to mention the exact target business in your application and create an overall business plan for the business. Check that the current owner of the company has been in charge and is operating that business for at minimum 5 years.
Q6- Can I get cash from a lender/bank to invest in my company under BC PNP?
Ans6- It is a requirement of the BC PNP that you make the minimum personal investment with your own personal funds. You must provide documents that prove the source of the investment, and also show that this investment along with any future personal investment made within your business was made directly from personal savings. However, you can make use of financing provided by an associate or financial institution to invest above the minimum requirements.
Q7- Does buying a business before receiving an ITA increases my chance of approval under BC PNP?
Ans7- BC PNP strongly discourages applicants from taking any financial or investment commitment prior to signing a contract of performance with BC PNP and obtaining a valid work permit from the IRCC. Any investment that is made prior to obtaining approval and an approved work permit is entirely at risk.
Q8- can I have a partner in my business for this program?
Ans8- Yes. BC PNP allows immigrant entrepreneurs to be partners in their business idea. The general rule is that, in order to be eligible for the program, you have to show that you will be the owner of at minimum one-third (33.3%) of the company in BC. If your partner is not a Canadian permanent resident or citizen and plans to join you to join this program In this case, they must meet the conditions for the program, which includes the minimal requirements for investment.
Q9- I do not have a post-secondary education. Can I still apply for this program?
Ans9- If you don’t have an official post-secondary qualification (such as diploma, degree or certificate issued by a recognized post-secondary institution) You must prove that you’ve been an active business owner/manager and have full ownership of the company for at least 3 years over the past five years. The total ownership of the business could be divided among your spouse, you or your dependent children.
Q10- What should I do if I am not invited to apply for the BC PNP?
Ans10- Being a registered applicant who is qualified in the pool doesn’t mean that you’ll be accepted to apply. You may employ a variety of strategies to boost your score. You can do this by generating an innovative business idea and conducting further research on the business climate in BC or by enhancing your flexibility and then making a new application. You may also file an application under an entirely different category, but you have to cancel the current registration before taking the next step.